Teledyne Technologies (TDY) Downgraded by Zacks Investment Research

Teledyne Technologies (NYSE:TDY) was downgraded by Zacks Investment Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Friday.

According to Zacks, “Teledyne Technologies Incorporated provides instrumentation, digital imaging, aerospace and defense electronics in the United States, Canada and internationally. The Company’s segments include Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, as well as electronic test and measurement equipment. Digital Imaging segment includes sensors, cameras and systems, within the visible, infrared, ultraviolet and X-ray spectra. Aerospace and Defense Electronics segment provides electronic components and subsystems and communications products, including defense electronics. Engineered Systems segment provides systems engineering and integration and technology development, as well as manufacturing solutions. The company markets and sells its products and services through sales forces, third-party distributors, and commissioned sales representatives. “

A number of other analysts have also weighed in on the stock. Jefferies Group increased their target price on shares of Teledyne Technologies from $150.00 to $170.00 and gave the stock a “hold” rating in a report on Friday, November 3rd. ValuEngine raised shares of Teledyne Technologies from a “hold” rating to a “buy” rating in a research note on Friday, September 8th. Finally, Needham & Company LLC raised their target price on shares of Teledyne Technologies from $157.00 to $190.00 and gave the company a “buy” rating in a research note on Friday, November 3rd. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $175.33.

Shares of Teledyne Technologies (NYSE TDY) traded up $3.03 during trading hours on Friday, reaching $187.12. 175,900 shares of the company traded hands, compared to its average volume of 147,900. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.98 and a quick ratio of 1.16. Teledyne Technologies has a one year low of $119.67 and a one year high of $187.76. The stock has a market capitalization of $6,523.50, a price-to-earnings ratio of 31.82, a PEG ratio of 3.46 and a beta of 1.03.

Teledyne Technologies (NYSE:TDY) last posted its quarterly earnings results on Thursday, November 2nd. The scientific and technical instruments company reported $1.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.34. The business had revenue of $662.20 million during the quarter, compared to analyst estimates of $656.20 million. Teledyne Technologies had a net margin of 8.67% and a return on equity of 14.18%. The company’s revenue was up 25.7% on a year-over-year basis. During the same period in the prior year, the business posted $1.46 earnings per share. equities analysts predict that Teledyne Technologies will post 6.7 earnings per share for the current fiscal year.

In other news, CFO Sue Main sold 7,000 shares of Teledyne Technologies stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $183.88, for a total transaction of $1,287,160.00. Following the transaction, the chief financial officer now owns 40,874 shares in the company, valued at approximately $7,515,911.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Simon M. Lorne sold 4,958 shares of the firm’s stock in a transaction on Thursday, December 14th. The shares were sold at an average price of $181.64, for a total transaction of $900,571.12. Following the sale, the director now owns 30,297 shares in the company, valued at $5,503,147.08. The disclosure for this sale can be found here. In the last quarter, insiders have sold 25,364 shares of company stock worth $4,643,847. Corporate insiders own 3.30% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC increased its holdings in Teledyne Technologies by 1,204.0% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,304 shares of the scientific and technical instruments company’s stock valued at $166,000 after acquiring an additional 1,204 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Teledyne Technologies by 15.4% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,325 shares of the scientific and technical instruments company’s stock worth $169,000 after buying an additional 177 shares during the last quarter. Zions Bancorporation bought a new stake in shares of Teledyne Technologies in the 3rd quarter worth about $220,000. AMP Capital Investors Ltd purchased a new position in shares of Teledyne Technologies during the 3rd quarter worth about $223,000. Finally, ETF Managers Group LLC purchased a new position in shares of Teledyne Technologies during the 2nd quarter worth about $181,000. Institutional investors own 84.07% of the company’s stock.

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Teledyne Technologies Company Profile

Teledyne Technologies Incorporated provides enabling technologies for industrial growth markets. The Company’s segments include Instrumentation, Digital Imaging, Aerospace and Defense Electronics, and Engineered Systems. Instrumentation segment provides monitoring and control instruments for marine, environmental, industrial and other applications, as well as electronic test and measurement equipment.

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